政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/95524
English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  Items with full text/Total items : 112721/143689 (78%)
Visitors : 49525673      Online Users : 828
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
Scope Tips:
  • please add "double quotation mark" for query phrases to get precise results
  • please goto advance search for comprehansive author search
    •  Adv. Search
    Home ‧ Login ‧ Upload ‧ Help ‧ About ‧ Administer Goto mobile version


    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/95524


    Title: 前期損益對投資人風險行為的影響
    The effects of prior gains and losses on investors` risk taking behavior
    Authors: 陳怡君
    Contributors: 周行一
    陳怡君
    Keywords: 行為財務學
    風險行為
    behavioral finance
    risk taking behavior
    Date: 2010
    Issue Date: 2016-05-09 16:25:57 (UTC+8)
    Abstract: Studies showed that prior outcomes do influence current decisions while we are interested in how prior performance affects individual investors’ risk taking behavior. Tracking 2,947 individual investors’ transaction in Taiwan Top50 Tracker Fund from June 2003 till December 2006, our empirical results indicate both the former risk taking and prior profits have significant influences on individual investors’ later risk taking behavior. We find a positive relation between later risk taking and prior gains but a negative relation between later risk taking and prior losses. Furthermore, according to the amount of prior gains and losses, we find those who experience large sum of gains or losses take far higher risks than those who have modest prior gains or losses.
    Reference: Allais, M. (1953). Le Comportement de l`Homme Rationnel devant le Risque: Critique des Postulats et Axiomes de l`Ecole Americaine. Econometrica, 21(4), 503-546.
    Arkes, H. R., & Blumer, C. (1985). The psychology of sunk cost. [doi: DOI: 10.1016/0749-5978(85)90049-4]. Organizational Behavior and Human Decision Processes, 35(1), 124-140.
    Barber, B. M., Lee, Y.-T., Liu, Y.-J., & Odean, T. (2007). Is the Aggregate Investor Reluctant to Realise Losses? Evidence from Taiwan. [Article]. European Financial Management, 13(3), 423-447.
    Bernoulli, D. (1954). Exposition of a New Theory on the Measurement of Risk. Econometrica, 22(1), 23-36.
    Coval, J. D., & Shumway, T. (2005). Do Behavioral Biases Affect Prices? The Journal of Finance, 60(1), 1-34.
    Feng, L., & Seasholes, M. (2005). Do Investor Sophistication and Trading Experience Eliminate Behavioral Biases in Financial Markets? [Article]. Review of Finance, 9(3), 305-351.
    Garvey, R., Murphy, A., & Wu, F. (2007). Do Losses Linger? Journal of Portfolio Management, 33(4), 75-83.
    Kahneman, D., & Tversky, A. (1979). Prospect Theory: An Analysis of Decision under Risk. Econometrica, 47(2), 263-291.
    Neumann, J. V., & Morgenstern, O. (1947). Theory of games and economic behavior Princeton, N.J. : Princeton University Press.
    Odean, T. (1998). Are Investors Reluctant to Realize Their Losses? The Journal of Finance, 53(5), 1775-1798.
    Powell, M., & Ansic, D. (1997). Gender differences in risk behaviour in financial decision-making: An experimental analysis. [doi: DOI: 10.1016/S0167-4870(97)00026-3]. Journal of Economic Psychology, 18(6), 605-628.
    Shefrin, H., & Statman, M. (1985). The Disposition to Sell Winners Too Early and Ride Losers Too Long: Theory and Evidence. The Journal of Finance, 40(3), 777-790.
    Shu, P.-G., Yeh, Y.-H., Chiu, S.-B., & Chen, H.-C. (2005). Are Taiwanese individual investors reluctant to realize their losses? [doi: DOI: 10.1016/j.pacfin.2004.08.001]. Pacific-Basin Finance Journal, 13(2), 201-223.
    Slovic, P. (1972). Psychological Study of Human Judgment: Implications for Investment Decision Making. The Journal of Finance, 27(4), 779-799.
    Staw, B. M. (1976). Knee-deep in the big muddy: a study of escalating commitment to a chosen course of action. [doi: DOI: 10.1016/0030-5073(76)90005-2]. Organizational Behavior and Human Performance, 16(1), 27-44.
    Staw, B. M. (1981). The Escalation of Commitment to a Course of Action. The Academy of Management Review, 6(4), 577-587.
    Thaler, R. (1980). Toward a positive theory of consumer choice. [doi: DOI: 10.1016/0167-2681(80)90051-7]. Journal of Economic Behavior & Organization, 1(1), 39-60.
    Thaler, R. H. (1985). Mental Accounting and Consumer Choice. Marketing Science, 4(3), 199-214.
    Thaler, R. H. (1999). Mental Accounting Matters. Journal of Behavioral Decisional Making, 12(3), 183-206.
    Thaler, R. H., & Johnson, E. J. (1990). Gambling with the House Money and Trying to Break Even: The Effects of Prior Outcomes on Risky Choice. Management Science, 36(6), 643-660.
    Tversky, A., & Kahneman, D. (1981). The Framing of Decisions and the Psychology of Choice. Science, 211, 453-458.
    Tversky, A., & Kahneman, D. (1986). Rational Choice and the Framing of Decisions. The Journal of Business, 59(4), S251-S278.
    Weber, M., & Camerer, C. F. (1998). The disposition effect in securities trading: an experimental analysis. [doi: DOI: 10.1016/S0167-2681(97)00089-9]. Journal of Economic Behavior & Organization, 33(2), 167-184.
    Description: 碩士
    國立政治大學
    財務管理研究所
    96357017
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0096357017
    Data Type: thesis
    Appears in Collections:[Department of Finance] Theses

    Files in This Item:

    File SizeFormat
    index.html0KbHTML2336View/Open


    All items in 政大典藏 are protected by copyright, with all rights reserved.


    社群 sharing

    著作權政策宣告 Copyright Announcement
    1.本網站之數位內容為國立政治大學所收錄之機構典藏，無償提供學術研究與公眾教育等公益性使用，惟仍請適度，合理使用本網站之內容，以尊重著作權人之權益。商業上之利用，則請先取得著作權人之授權。
    The digital content of this website is part of National Chengchi University Institutional Repository. It provides free access to academic research and public education for non-commercial use. Please utilize it in a proper and reasonable manner and respect the rights of copyright owners. For commercial use, please obtain authorization from the copyright owner in advance.

    2.本網站之製作，已盡力防止侵害著作權人之權益，如仍發現本網站之數位內容有侵害著作權人權益情事者，請權利人通知本網站維護人員(nccur@nccu.edu.tw)，維護人員將立即採取移除該數位著作等補救措施。
    NCCU Institutional Repository is made to protect the interests of copyright owners. If you believe that any material on the website infringes copyright, please contact our staff(nccur@nccu.edu.tw). We will remove the work from the repository and investigate your claim.
    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library IR team Copyright ©   - Feedback